The Myth That The Ultra Rich Aren't Largely Self Made and Inherited Their Fortunes

[f252863]

From the Forbes top billionaires list:

1. Bill Gates - Self made billionaire.
2. Carlos Slim - Modest family origins, self made billionaire.
3. Warren Buffet - Self made billionaire.
4. Amancio Ortega - Very humble origins, father was a railway worker.
5. Larry Ellison - Self made billionaire.
6. and 7. Koch Brothers - 99.9996% of their wealth was created by them, the rest was inherited.
8. Sheldon Adelson - His father drove a taxi, and his mother ran a knitting shop.
9. Christy Walton and Family - Inherited wealth
10. Jim Walton - Inherited wealth

Out of 10 people on this list, only 2 inherited their wealth (the other 8 inherited much less than even 1% of their net worth).

 

[Mr. H.]

I'm a self-made dollaraire.

 

[MikeK]

From the Forbes top billionaires list:

1. Bill Gates - Self made billionaire.
2. Carlos Slim - Modest family origins, self made billionaire.
3. Warren Buffet - Self made billionaire.
4. Amancio Ortega - Very humble origins, father was a railway worker.
5. Larry Ellison - Self made billionaire.
6. and 7. Koch Brothers - 99.9996% of their wealth was created by them, the rest was inherited.
8. Sheldon Adelson - His father drove a taxi, and his mother ran a knitting shop.
9. Christy Walton and Family - Inherited wealth
10. Jim Walton - Inherited wealth

Out of 10 people on this list, only 2 inherited their wealth (the other 8 inherited much less than even 1% of their net worth).

The question where these extreme examples are concerned is how they managed to amass such excessive wealth. Because therein will lie the answer as to what is wrong with our severely and inequitably unbalanced economy.

 

[Mr. H.]

Right. Let's confiscate private property and capital and give it to the "little" guys.

 

[MikeK]

Right. Let's confiscate private property and capital and give it to the "little" guys.

That is a cynically negative assessment of what needs to be done to correct the damage done to our economy since Reaganomics "trickle down" scam turned out to be a siphon up assault on the middle class standard of living.

While there certainly needs to be a confiscatory modification of circumstances which enabled the existing economic imbalance it would not be the kind of Robin Hood venture you allude to. Rather it would involve something along the lines of FDR's WPA and CCC programs which provided constructive (infrastructure) work projects and lifted the unemployed (including my own parents) out of deepening poverty.

It's important that I tell you my father was no "welfare bum." He, along with millions of other working class Americans became unemployed during the Great Depression and there simply were no jobs for them. My father was a locksmith by trade. People had no money to hire him and he couldn't find anything but occasional day labor for .30 an hour. The WPA put him to work upstate rebuilding roads and the money he sent home paid the rent and put food on the table.

I'm sure you'll agree that right now our national infrastructure is in desperate need of repair, and that there are too many multi-billionaires and multi-millionaires who came by their fortunes via means which took advantage of the progression of protective regulations put in place to prevent such exploitation. Some of these individuals should be investigated by the (now corrupt) SEC and Justice Department and heavily penalized for any irregularities in their business practices. And they should be subjected to the same 91% tax rate imposed on the super-rich by FDR.

And if you think such measures are excessive, if it were up to me I would impose general confiscation of every penny in excess of twenty million dollars in personal assets. That would solve America's economic problems and put us back on track as the world's economic powerhouse.

Last, if you don't know what I mean by "irregularities" (fraud) perpetrated by most of today's super-rich, take advantage of the link in my signature line (below) and watch that video. It starts off slow but it warms up fast and is very educational.

 

[SteadyMercury]

And if you think such measures are excessive, if it were up to me I would impose general confiscation of every penny in excess of twenty million dollars in personal assets.

Really? Just take it eh? No matter how hard people might have worked, no matter how much risk they might have taken to amass a fortune, no matter how much more they might have done for their communities or how many additional jobs they might have created here comes MikeK who will just forcefully steal all their shit worth over an arbitrary number he decided is the most anyone should have.

How about we make the draw the line at half of what you have and take the other half? Then we could have even cooler roads and bridges and stuff.

Last, if you don't know what I mean by "irregularities" (fraud) perpetrated by most of today's super-rich, take advantage of the link in my signature line (below) and watch that video. It starts off slow but it warms up fast and is very educational.

Be better if you'd provide some examples instead of asking people to watch a 2 hour video. Specifically how they might apply to someone on the list of rich people, like maybe Bill Gates or Warren Buffet.

 

[f252863]

Right. Let's confiscate private property and capital and give it to the "little" guys.

That is a cynically negative assessment of what needs to be done to correct the damage done to our economy since Reaganomics "trickle down" scam turned out to be a siphon up assault on the middle class standard of living.

While there certainly needs to be a confiscatory modification of circumstances which enabled the existing economic imbalance it would not be the kind of Robin Hood venture you allude to. Rather it would involve something along the lines of FDR's WPA and CCC programs which provided constructive (infrastructure) work projects and lifted the unemployed (including my own parents) out of deepening poverty.

It's important that I tell you my father was no "welfare bum." He, along with millions of other working class Americans became unemployed during the Great Depression and there simply were no jobs for them. My father was a locksmith by trade. People had no money to hire him and he couldn't find anything but occasional day labor for .30 an hour. The WPA put him to work upstate rebuilding roads and the money he sent home paid the rent and put food on the table.

I'm sure you'll agree that right now our national infrastructure is in desperate need of repair, and that there are too many multi-billionaires and multi-millionaires who came by their fortunes via means which took advantage of the progression of protective regulations put in place to prevent such exploitation. Some of these individuals should be investigated by the (now corrupt) SEC and Justice Department and heavily penalized for any irregularities in their business practices. And they should be subjected to the same 91% tax rate imposed on the super-rich by FDR.

And if you think such measures are excessive, if it were up to me I would impose general confiscation of every penny in excess of twenty million dollars in personal assets. That would solve America's economic problems and put us back on track as the world's economic powerhouse.

Last, if you don't know what I mean by "irregularities" (fraud) perpetrated by most of today's super-rich, take advantage of the link in my signature line (below) and watch that video. It starts off slow but it warms up fast and is very educational.

What about the other side of the equation?

Taking billions out of the economy for infrastructure destroys jobs.

 

[f252863]

Right. Let's confiscate private property and capital and give it to the "little" guys.

That is a cynically negative assessment of what needs to be done to correct the damage done to our economy since Reaganomics "trickle down" scam turned out to be a siphon up assault on the middle class standard of living.

While there certainly needs to be a confiscatory modification of circumstances which enabled the existing economic imbalance it would not be the kind of Robin Hood venture you allude to. Rather it would involve something along the lines of FDR's WPA and CCC programs which provided constructive (infrastructure) work projects and lifted the unemployed (including my own parents) out of deepening poverty.

It's important that I tell you my father was no "welfare bum." He, along with millions of other working class Americans became unemployed during the Great Depression and there simply were no jobs for them. My father was a locksmith by trade. People had no money to hire him and he couldn't find anything but occasional day labor for .30 an hour. The WPA put him to work upstate rebuilding roads and the money he sent home paid the rent and put food on the table.

I'm sure you'll agree that right now our national infrastructure is in desperate need of repair, and that there are too many multi-billionaires and multi-millionaires who came by their fortunes via means which took advantage of the progression of protective regulations put in place to prevent such exploitation. Some of these individuals should be investigated by the (now corrupt) SEC and Justice Department and heavily penalized for any irregularities in their business practices. And they should be subjected to the same 91% tax rate imposed on the super-rich by FDR.

And if you think such measures are excessive, if it were up to me I would impose general confiscation of every penny in excess of twenty million dollars in personal assets. That would solve America's economic problems and put us back on track as the world's economic powerhouse.

Last, if you don't know what I mean by "irregularities" (fraud) perpetrated by most of today's super-rich, take advantage of the link in my signature line (below) and watch that video. It starts off slow but it warms up fast and is very educational.

I've decided to confiscate your wealth because I think you're a political subversive and an enemy of the state. How do you feel now about using force?

 

[Dont Taz Me Bro]

80% of millionaires are self made.

 

[OnePercenter]

Right. Let's confiscate private property and capital and give it to the "little" guys.

They should pay the same effective rate of tax as you, but they don't.

You remind me of the Bunker idiots, blindly defending the rich.

 

[OnePercenter]

80% of millionaires are self made.

Not saying very much. If you bought a home at or close to the beach on the east or west coast in the 60's or 70's you're a millionaire today.

 

[OnePercenter]

From the Forbes top billionaires list:

1. Bill Gates - Self made billionaire.
2. Carlos Slim - Modest family origins, self made billionaire.
3. Warren Buffet - Self made billionaire.
4. Amancio Ortega - Very humble origins, father was a railway worker.
5. Larry Ellison - Self made billionaire.
6. and 7. Koch Brothers - 99.9996% of their wealth was created by them, the rest was inherited.
8. Sheldon Adelson - His father drove a taxi, and his mother ran a knitting shop.
9. Christy Walton and Family - Inherited wealth
10. Jim Walton - Inherited wealth

Out of 10 people on this list, only 2 inherited their wealth (the other 8 inherited much less than even 1% of their net worth).

Sheldon Adelson - Mob Money
Koch Brothers - Given their first millions

 

[Rshermr]

Right. Let's confiscate private property and capital and give it to the "little" guys.

That is a cynically negative assessment of what needs to be done to correct the damage done to our economy since Reaganomics "trickle down" scam turned out to be a siphon up assault on the middle class standard of living.

While there certainly needs to be a confiscatory modification of circumstances which enabled the existing economic imbalance it would not be the kind of Robin Hood venture you allude to. Rather it would involve something along the lines of FDR's WPA and CCC programs which provided constructive (infrastructure) work projects and lifted the unemployed (including my own parents) out of deepening poverty.

It's important that I tell you my father was no "welfare bum." He, along with millions of other working class Americans became unemployed during the Great Depression and there simply were no jobs for them. My father was a locksmith by trade. People had no money to hire him and he couldn't find anything but occasional day labor for .30 an hour. The WPA put him to work upstate rebuilding roads and the money he sent home paid the rent and put food on the table.

I'm sure you'll agree that right now our national infrastructure is in desperate need of repair, and that there are too many multi-billionaires and multi-millionaires who came by their fortunes via means which took advantage of the progression of protective regulations put in place to prevent such exploitation. Some of these individuals should be investigated by the (now corrupt) SEC and Justice Department and heavily penalized for any irregularities in their business practices. And they should be subjected to the same 91% tax rate imposed on the super-rich by FDR.

And if you think such measures are excessive, if it were up to me I would impose general confiscation of every penny in excess of twenty million dollars in personal assets. That would solve America's economic problems and put us back on track as the world's economic powerhouse.

Last, if you don't know what I mean by "irregularities" (fraud) perpetrated by most of today's super-rich, take advantage of the link in my signature line (below) and watch that video. It starts off slow but it warms up fast and is very educational.

What about the other side of the equation?

Taking billions out of the economy for infrastructure destroys jobs.

Jesus, that is a stupid statement. Taking what money out of the economy is not necessary. The fed simply sells bonds. Net is the gov ends up with money, and can then spend on infrastructure jobs. That causes a decrease in ue, an increase in employment. And an increase in tax revenue, which decreases debt.
Increasing employment means increased incomes, which workers spend. The result is that more things are purchased. Increased demand. And that causes suppliers to hire MORE employees. And the beat goes on.
In that scenario, no increased unemployment. No destroyed jobs.

If you gain revenue from tax increases, depends on whom you tax. Tax the wealthy, and you will see almost no decrease in jobs. Tax the poorer, you will see a small amount of pressure on unemployment, but not enough to matter much. Look at the experience of R. Reagan, who increased taxes in the later part of 1981 through the majority of his term. The net effect of increased taxes and increased gov spending was a decrease in the ue rate.
Look as hard as you want. In no case, when unemployment has been high, has increasing taxes caused higher ue. However, decreasing taxes in the reagan admin (Feb 1981) had highly detrimental effects on unemployment.

 

[f252863]

From the Forbes top billionaires list:

1. Bill Gates - Self made billionaire.
2. Carlos Slim - Modest family origins, self made billionaire.
3. Warren Buffet - Self made billionaire.
4. Amancio Ortega - Very humble origins, father was a railway worker.
5. Larry Ellison - Self made billionaire.
6. and 7. Koch Brothers - 99.9996% of their wealth was created by them, the rest was inherited.
8. Sheldon Adelson - His father drove a taxi, and his mother ran a knitting shop.
9. Christy Walton and Family - Inherited wealth
10. Jim Walton - Inherited wealth

Out of 10 people on this list, only 2 inherited their wealth (the other 8 inherited much less than even 1% of their net worth).

Sheldon Adelson - Mob Money
Koch Brothers - Given their first millions

I anticipated this, that is why I wrote 99.99996% on the Koch brothers. You are now trying to change the subject.

Lol at Sheldon Adelson = Mob Money Another attempt at a diversion from the facts.

 

[f252863]

That is a cynically negative assessment of what needs to be done to correct the damage done to our economy since Reaganomics "trickle down" scam turned out to be a siphon up assault on the middle class standard of living.

While there certainly needs to be a confiscatory modification of circumstances which enabled the existing economic imbalance it would not be the kind of Robin Hood venture you allude to. Rather it would involve something along the lines of FDR's WPA and CCC programs which provided constructive (infrastructure) work projects and lifted the unemployed (including my own parents) out of deepening poverty.

It's important that I tell you my father was no "welfare bum." He, along with millions of other working class Americans became unemployed during the Great Depression and there simply were no jobs for them. My father was a locksmith by trade. People had no money to hire him and he couldn't find anything but occasional day labor for .30 an hour. The WPA put him to work upstate rebuilding roads and the money he sent home paid the rent and put food on the table.

I'm sure you'll agree that right now our national infrastructure is in desperate need of repair, and that there are too many multi-billionaires and multi-millionaires who came by their fortunes via means which took advantage of the progression of protective regulations put in place to prevent such exploitation. Some of these individuals should be investigated by the (now corrupt) SEC and Justice Department and heavily penalized for any irregularities in their business practices. And they should be subjected to the same 91% tax rate imposed on the super-rich by FDR.

And if you think such measures are excessive, if it were up to me I would impose general confiscation of every penny in excess of twenty million dollars in personal assets. That would solve America's economic problems and put us back on track as the world's economic powerhouse.

Last, if you don't know what I mean by "irregularities" (fraud) perpetrated by most of today's super-rich, take advantage of the link in my signature line (below) and watch that video. It starts off slow but it warms up fast and is very educational.

What about the other side of the equation?

Taking billions out of the economy for infrastructure destroys jobs.

Jesus, that is a stupid statement. Taking what money out of the economy is not necessary. The fed simply sells bonds. Net is the gov ends up with money, and can then spend on infrastructure jobs. That causes a decrease in ue, an increase in employment. And an increase in tax revenue, which decreases debt.
Increasing employment means increased incomes, which workers spend. The result is that more things are purchased. Increased demand. And that causes suppliers to hire MORE employees. And the beat goes on.
In that scenario, no increased unemployment. No destroyed jobs.

If you gain revenue from tax increases, depends on whom you tax. Tax the wealthy, and you will see almost no decrease in jobs. Tax the poorer, you will see a small amount of pressure on unemployment, but not enough to matter much. Look at the experience of R. Reagan, who increased taxes in the later part of 1981 through the majority of his term. The net effect of increased taxes and increased gov spending was a decrease in the ue rate.
Look as hard as you want. In no case, when unemployment has been high, has increasing taxes caused higher ue. However, decreasing taxes in the reagan admin (Feb 1981) had highly detrimental effects on unemployment.

Selling bonds? Who is going to pay on those bonds? The Treasury. Where do they get their money? The taxpayer.

Increasing taxes on the wealthy does not translate unequivocally into higher revenues.
Hollande learned that lesson.

 

[HenryBHough]

Government bonds should have this face on them:

 

[MikeK]

And if you think such measures are excessive, if it were up to me I would impose general confiscation of every penny in excess of twenty million dollars in personal assets.

Really? Just take it eh? No matter how hard people might have worked, no matter how much risk they might have taken to amass a fortune, no matter how much more they might have done for their communities or how many additional jobs they might have created here comes MikeK who will just forcefully steal all their shit worth over an arbitrary number he decided is the most anyone should have.

The notion that it's possible to accumulate a fortune in excess of twenty million dollars by "hard work" is right out of the playbook used by such millionaire propagandists as Rush Limbaugh, Sean Hannity, Glenn Beck, et. al., and it always amazes me how many water-carriers for the super rich these gasbags have managed to recruit. Tell me, how "hard" does one need to work to hoard a billion dollars? Ten billion? Twenty? How about fifty billion dollars? There is only one way to obtain that kind of money and it's by exploiting the hard work of others -- who end up with nothing but debt.

And as far as risk is concerned, the only investors and speculators who take significant risks are those who have very little and stand to lose it all -- which happens every day to many unfortunates who will never recover. Those who manage to accumulate a comfortable bankroll are able to invest part of it without worrying about being ruined. If they lose some they are still in the game. And if you are naïve enough to believe the really high rollers are taking the same kind of risks you or I might be subjected to it's only because you wish to believe that because Rush Limbaugh has convinced you it's true.

How about we make the draw the line at half of what you have and take the other half? Then we could have even cooler roads and bridges and stuff.

If you confiscate half of what I have, or what you have, what is taken is half of very little and we both would be seriously compromised. But if you take half of what the Kochs have they still will have more money than they could ever spend no matter how hard they tried. And if you take everything Bill Gates has except for twenty millions dollars he still has twenty million dollars, which is a fortune by anyone's standard -- but his and other greedy, gluttonous bastards like him.

How would you like to have twenty million dollars? How would you like to have one million dollars? How much money would it take to satisfy you?

Be better if you'd provide some examples instead of asking people to watch a 2 hour video. Specifically how they might apply to someone on the list of rich people, like maybe Bill Gates or Warren Buffet.

Watch the video and learn something.

Try to begin understanding how laissez-faire capitalism and the sickness called greed is destroying this nation. And stop allowing the millionaire propagandists to brainwash you. Try to understand it is them against us and they have you and so many others like you working against your own best interests.

 

[MikeK]

What about the other side of the equation?

Taking billions out of the economy for infrastructure destroys jobs.

You have much to learn.

A new report finds that around the world the extremely wealthy have accumulated at least $21 trillion in secretive offshore accounts. That’s a sum equal to the gross domestic products of the United States and Japan added together. The number may sound unbelievable, but the study was conducted by James Henry, former chief economist at the consultancy McKinsey, an expert on tax havens and offshoring. It was commissioned by Tax Justice Network, a British activist group.
Super Rich Hide $21 Trillion Offshore, Study Says - Forbes

More here: Tax Dodging Companies Hoarding Nearly One Trillion Overseas | Common Dreams


That is just one of the ways America's wealth resources have been taken out of the economy by the scheming manipulators who are destroying the Nation.

Identifying excessive wealth, confiscating it, and using it to put America to work rebuilding its crumbling infrastructure will produce a thriving economy and create tens of thousands of new industries to satisfy the demands of the millions of newly employed workers. The problem we have now is economic stagnation which is the result of hoarding excessive wealth by the super rich -- the new Robber Barons. This money needs to be re-entered into circulation.

Circulation of money is to a nation's economy what circulation of blood is to a living organism. Hoarding a nation's wealth is analogous to blocking a body's arteries. Safeguards had been put in place to prevent such hoarding but those safeguards have been removed by a system of progressive de-regulation which began with Reaganomics. It continued through the Clinton and Bush Administrations and all of it was promoted by lobbyists in the employ of Wall Street and the banks. The Obama Administration has done absolutely nothing to correct the situation because Barack Obama is a tool of the financial industry.

So, again, watch the video and start opening your mind. You are being robbed.

 

[elektra]

And if you think such measures are excessive, if it were up to me I would impose general confiscation of every penny in excess of twenty million dollars in personal assets.

Really? Just take it eh? No matter how hard people might have worked, no matter how much risk they might have taken to amass a fortune, no matter how much more they might have done for their communities or how many additional jobs they might have created here comes MikeK who will just forcefully steal all their shit worth over an arbitrary number he decided is the most anyone should have.

The notion that it's possible to accumulate a fortune in excess of twenty million dollars by "hard work" is right out of the playbook used by such millionaire propagandists as Rush Limbaugh, Sean Hannity, Glenn Beck, et. al., and it always amazes me how many water-carriers for the super rich these gasbags have managed to recruit. Tell me, how "hard" does one need to work to hoard a billion dollars? Ten billion? Twenty? How about fifty billion dollars? There is only one way to obtain that kind of money and it's by exploiting the hard work of others -- who end up with nothing but debt.

And as far as risk is concerned, the only investors and speculators who take significant risks are those who have very little and stand to lose it all -- which happens every day to many unfortunates who will never recover. Those who manage to accumulate a comfortable bankroll are able to invest part of it without worrying about being ruined. If they lose some they are still in the game. And if you are naïve enough to believe the really high rollers are taking the same kind of risks you or I might be subjected to it's only because you wish to believe that because Rush Limbaugh has convinced you it's true.

How about we make the draw the line at half of what you have and take the other half? Then we could have even cooler roads and bridges and stuff.

If you confiscate half of what I have, or what you have, what is taken is half of very little and we both would be seriously compromised. But if you take half of what the Kochs have they still will have more money than they could ever spend no matter how hard they tried. And if you take everything Bill Gates has except for twenty millions dollars he still has twenty million dollars, which is a fortune by anyone's standard -- but his and other greedy, gluttonous bastards like him.

How would you like to have twenty million dollars? How would you like to have one million dollars? How much money would it take to satisfy you?

Be better if you'd provide some examples instead of asking people to watch a 2 hour video. Specifically how they might apply to someone on the list of rich people, like maybe Bill Gates or Warren Buffet.

Watch the video and learn something.

Try to begin understanding how laissez-faire capitalism and the sickness called greed is destroying this nation. And stop allowing the millionaire propagandists to brainwash you. Try to understand it is them against us and they have you and so many others like you working against your own best interests.

the notion that we have a chance to be rich under obama, the clintons, or any other democrat, has been historically proven to be impossible.

 

[Rshermr]

Really? Just take it eh? No matter how hard people might have worked, no matter how much risk they might have taken to amass a fortune, no matter how much more they might have done for their communities or how many additional jobs they might have created here comes MikeK who will just forcefully steal all their shit worth over an arbitrary number he decided is the most anyone should have.

The notion that it's possible to accumulate a fortune in excess of twenty million dollars by "hard work" is right out of the playbook used by such millionaire propagandists as Rush Limbaugh, Sean Hannity, Glenn Beck, et. al., and it always amazes me how many water-carriers for the super rich these gasbags have managed to recruit. Tell me, how "hard" does one need to work to hoard a billion dollars? Ten billion? Twenty? How about fifty billion dollars? There is only one way to obtain that kind of money and it's by exploiting the hard work of others -- who end up with nothing but debt.

And as far as risk is concerned, the only investors and speculators who take significant risks are those who have very little and stand to lose it all -- which happens every day to many unfortunates who will never recover. Those who manage to accumulate a comfortable bankroll are able to invest part of it without worrying about being ruined. If they lose some they are still in the game. And if you are naïve enough to believe the really high rollers are taking the same kind of risks you or I might be subjected to it's only because you wish to believe that because Rush Limbaugh has convinced you it's true.


If you confiscate half of what I have, or what you have, what is taken is half of very little and we both would be seriously compromised. But if you take half of what the Kochs have they still will have more money than they could ever spend no matter how hard they tried. And if you take everything Bill Gates has except for twenty millions dollars he still has twenty million dollars, which is a fortune by anyone's standard -- but his and other greedy, gluttonous bastards like him.

How would you like to have twenty million dollars? How would you like to have one million dollars? How much money would it take to satisfy you?

Be better if you'd provide some examples instead of asking people to watch a 2 hour video. Specifically how they might apply to someone on the list of rich people, like maybe Bill Gates or Warren Buffet.

Watch the video and learn something.

Try to begin understanding how laissez-faire capitalism and the sickness called greed is destroying this nation. And stop allowing the millionaire propagandists to brainwash you. Try to understand it is them against us and they have you and so many others like you working against your own best interests.

the notion that we have a chance to be rich under obama, the clintons, or any other democrat, has been historically proven to be impossible.

Electra is a con tool. Owned by a few wealthy operators who want themselves to be more wealthy on the backs of the rest. And electa, being a con, caries their water. You know what she will say if you know the subject. She will say what is good for that wealthy few. Always. Simple to understand.